by kramoltz@hotmail.com | Mar 24, 2017 | Mortgages + Lending, Real Estate History
It would seem that the payment of a mortgage is a relatively recent activity historically. But lending has a long history, and may be as old as writing. For example, there is evidence of lending in Mesopotamia for grain purchases as far back as 3000 B.C.E. As to real...
by kramoltz@hotmail.com | Mar 7, 2017 | Home Buying, Home Ownership, Mortgages + Lending
Fannie Mae announced HomeStyle Energy mortgage program last year, to help borrowers finance energy and water upgrades to make their home more energy efficient when buying or refinancing a home. The loan makes buyer-owners eligible to receive up to 15% of the...
by kramoltz@hotmail.com | Feb 6, 2017 | Home Buying, Mortgages + Lending
In part 1, I showed how lack of awareness of low-down-payment mortgage options can discourage potential buyers from trying to purchase a home. Historically only 5% of the purchase price is enough. And one way to get there is a government sponsored down payment...
by kramoltz@hotmail.com | Dec 30, 2016 | Mortgages + Lending
Not too long ago in Banks Leaving the Mortgage Business, I wrote about a report that large #banks have left the home #loan market – originating just 52% mortgages in 2014, down from more than 70% seven years earlier. But bank portfolio loans (the mortgages they...
by kramoltz@hotmail.com | Oct 19, 2016 | Home Buying, Mortgages + Lending, Selling Your Home
Loan Related. Like many pre-paids, these are the sums paid to the buyer’s lender or as a result of the lender’s requirements. Examples include a credit report fee, flood certificate fee, and a tax service fee. Fees payable directly to the lender, such as...
by kramoltz@hotmail.com | Oct 17, 2016 | Home Buying, Mortgages + Lending
A recent NAR survey of more than 2,700 Americans showed that more than 80% of consumers across all ages, income brackets, and education levels believed a down payment of 10% percent or more was required to purchase a home. However, the average median down payment for...